Cardano faced a tough year in 2024, ranking among the worst-performing cryptocurrencies after losing over 40% of its value by the end of October. However, November turned things around fast. In just a week, ADA recovered almost half a year’s worth of losses, setting its sights on a potential 100% gain by Mar. 2025. On Nov. 10, Cardano’s price jumped over 20%, reaching its April high of $0.597.
The recent surge in crypto prices is largely driven by a broader market rally sparked by the re-election of pro-crypto candidate Donald Trump on Nov. 6. However, much of the day’s gains seem to come from rumors that Cardano’s founder, Charles Hoskinson, might join the Trump administration in 2025.
It doesn’t look like that’s actually happening. In his latest YouTube livestream, Hoskinson talked about setting up an office to work with government officials. Still, he said nothing about getting an official invite to join a crypto policy department under the next Trump administration.
Cardano rally faces key resistance levels
As of Nov. 10, Trump hasn’t formally announced any specific cryptocurrency policy group, which suggests the recent ADA price spike was mostly driven by speculation around a possible partnership with Hoskinson. The surge in ADA’s price has pushed its daily RSI to the highest overbought levels since Dec. 2023, indicating the market is overheated and may be due for some profit-taking soon.
ADA faces resistance around $0.599, aligning with its 0.618 Fibonacci retracement level. If a pullback occurs, it could dip toward the $0.548-$0.489 range, corresponding with the 0.5-0.382 Fibonacci levels. As illustrated in the weekly chart below, this range would also bring ADA back to test a long-term descending trendline it recently broke.
If ADA can hold support at this level, it could solidify the breakout, creating a foundation for further upward movement. If that happens, ADA might test its 0.786 Fib line, around $0.65, as resistance by December.
